Coinbase Cloud, the Web3 infrastructure unit of Coinbase, said it would become a Chainlink (LINK) oracle node operator to improve smart contract security.

In a May 18 statement shared with CryptoSlate, Coinbase Cloud said Chainlink plays a significant role in providing real-world data for web3 through decentralized Oracle networks. As many Web3 projects rely on this external data, Coinbase Cloud’s entrance to the space means it would now be a part of the decentralized oracle network powering Chainlink Data Feeds.

“We’re thrilled to contribute to the decentralization and reliability of Data Feeds serving many core ecosystem players.”

Coinbase Cloud already runs nodes and manages blockchain data infrastructure on networks like Aptos (APT), Ethereum (ETH), Flow, Solana (SOL), and Algorand (ALGO). Chainlink’s addition would help to improve its credentials as a significant player in the web3 ecosystem.

Coinbase Cloud Group Product Manager Kai Zhao said the development is a testament to its  “commitment to the security and reliability of smart contracts.” Zhao added:

“By building decentralized Oracles, we are helping to create a more decentralized and trustworthy future for blockchain technology.”

The statement was further corroborated by Chainlink Labs’ global head of centralized finance, sales, and strategy, William Reilly. Reilly said:

“[Coinbase’s] extensive experience, robust infrastructure, and commitment to security make them an invaluable addition to the Chainlink ecosystem, and their involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.”

With the announcement, Coinbase joins a list of high-profile companies that have become node operators or offer such infrastructures to operators. Amazon and Deutsche Telekom also offer Web3 infrastructure through their subsidiaries.

Meanwhile, Coinbase has numerous products designed to cater to the needs of Web3 users. The exchange’s Node product allows users to create and deploy their Web3 applications. The platform has also launched an Ethereum Layer-2 solution, Base.

According to Yahoo Finance, Coinbase stocks have reacted positively to the news, rising 5.46% in the last 24 hours to $61.04.

The post Coinbase Cloud to run Chainlink node to advance smart contract connectivity appeared first on CryptoSlate.

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Filed under: Bitcoin - @ May 18, 2023 3:00 pm